Monday, July 6, 2020 3:54 AM EDT
Friday did not offer too many movements and the price stayed where it was at the beginning of the day. The price did not break below the confluence level to test the previous strong support level at $1.11871.
The Confluence level of support consists of horizontal support and channel trendline. The price has squeezed and did not close below which was a sign it will be hard to break below.
The start of the week has formed a breakout from the indecision area near the support confluence level.
(Click on image to enlarge)
EURUSD Chart Forecast
As we have a breakout from the indecision area the next step for the price is to break out from the wedge pattern we can see on the chart.
Break above or below the wedge pattern should define where the price moves this week. Also, we should calculate possible false breakout. To avoid false breakout trap we need to wait for confirmation after the breakout happens.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
more
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained in this article, is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.
less
How did you like this article? Let us know so we can better customize your reading experience.
